Obama names Richard Cordray as consumer protection chief

2011-07-19 03:08:32

WASHINGTON, July 18 (Xinhua) -- U.S. President Barack Obama announced on Monday his decision to nominate former Ohio Attorney- General Richard Cordray as the director of the Consumer Financial Protection Bureau (CFPB), an agency created by the sweeping financial overhaul a year ago.

Last year, the Obama administration fought to pass and signed into law the strongest consumer protections in history through the Wall Street Reform and Consumer Protection Act, also known as the Dodd-Frank Act. The Act created the CFPB, an independent agency with the primary mission of acting as a watchdog over mortgages, credit cards and other forms of lending.

Obama said the agency will protect the public from financial fraud and abuse.

Cordray is currently chief of enforcement at the Consumer Financial Protection Bureau. Immediately prior, Cordray served as Attorney-General of the U.S. state of Ohio from January 2009 to January 2011.

Prior to his tenure as the Ohio Attorney-General, Cordray spent two years as Ohio's State Treasurer and four as the Treasurer of Franklin County, Ohio. Earlier in his career, Cordray was an adjunct professor at the Ohio State University College of Law, and served as a State Representative for the 33rd Ohio House District.

Cordray's nomination needs to be confirmed by the U.S. Senate.

Sphere: Related Content